Copyright © President & Fellows of National Dong Hwa University, College of Management

Tony Chieh-Tse Hou

Associate Professor of Finance,

Chairman, Department of Finance,

Director, International Program of Management Science and Finance,

National Dong Hwa University, Hualien, Taiwan.


Tony Chieh-Tse Hou joined the faculty of the Management School in 2007. His research interests relate to the regulation of the financial markets, finance innovative activities and security valuation, financial modelling and risk management, and role of affect in human judgment and decision-making. In addition to his academic position, he also serves as the Head of the Financial Technology Big Data Research Center (FiTBDReC) and Credit Risk Management Research Centre (CRMReC) at the National Dong Hwa University in Taiwan.

Yushan National Park


Curriculum Vitae

Data Sets

Tony Hou in Working Knowledge

FinTech Research Initiative

Risk Management Research Initiative

Royal Highland Advisors, LLC  


Taipei Art Economy Research Centre (TAERC)



Areas of Interest

analysts/investors behaviour

corporate strategy

empirical finance

foreign direct investment



risk management


Additional Topics


business policy

competitive strategy

data mining


intellectual property

technological innovation

technology management

technology strategy

text mining





management consulting

mutual funds



Asian Pacific


United States

侯介澤 MBA, PhD



(03) 890-3131/3132/3133









Tony Chieh-Tse Hou, MBA, Ph.D.

Associate Professor of Finance

National Dong Hwa University


Unit: Finance


(03) 890-3131/3132/3133

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Journal Articles


  1. Hou, Tony Chieh-Tse and Simon Gao, (2019) “The Impact of Economic Freedom on Financial Analysts’ Earnings Forecast: Evidence from the Asia-Pacific Region”, Finance Research Letters, Accepted, Scopus, SSCI, Impact Factor: 1.709.


  1. Huang, Chia-Hui, and Tony Chieh-Tse Hou, (2019) “Innovation, Research and Development, and Firm Profitability in Taiwan: Causality and Determinants.” International Review of Economics and Finance,Volume 59, 385-394, SSCI, Impact Factor: 1.318.


  1. Hou, Tony Chieh-Tse (2019) “The Relationships Between Corporate Social Responsibility and Sustainable Financial Performance: Firm-level Evidence from Taiwan.” Corporate Social Responsibility and Environmental Management, Volume26, Issue1, Pages 19-28, SSCI, Impact Factor: 4.918.


  1. Wu, Guan-Ru, Tony Chieh-Tse Hou, and Jin-Lung Lin, (2019) “Can Economic News Predict Taiwan Stock Market Returns.” Asia Pacific Management Review, Volume 24, Issue 1, 54-59. EconLit, Scopus, TSSCI.


  1. Gao, Simon, and Tony Chieh-Tse Hou, (2019) “An Empirical Examination of IPO Underpricing Between High-Technology and Non-High-Technology Firms in Taiwan”, Journal of Emerging Market Finance, Volume: 18 issue: 1, page(s): 23-51. EconLit, ICI, Scopus.


  1. Hou, Tony Chieh-Tse, Phillip J. McKnight, and Charlie Weir, (2016) “Returns to Buying Upward Revision and Selling Downward Revision: Some Preliminary Evidence from Canada”, Managerial Finance, Vol. 42 Iss 11 pp.1110 - 1124. EconLit, ESCI, Scopus.


  1. Hou, Tony Chieh-Tse, Weifeng Hung, and Simon Gao (2014) “Investors’ Reactions to Analyst Forecast Revisions and Information Uncertainty – Evidence of Stock Price Drift”, Journal of Accounting, Auditing and Finance, 06/2014; Vol. 29(3), 238-259. Scopus.


  1. Hou, Tony Chieh-Tse, Phillip J. McKnight, and Charlie Weir (2014) “The impacts of stock characteristics and regulatory change on mutual fund herding in Taiwan”, Applied Financial Economics, Vol. 24 (3), 175–186.  FLI, EconLit, Scopus.


  1. Hou, Tony Chieh-Tse, C-N Peng and William W-J Lai (2013), “An Investigation of Default Prediction Models in the Taiwan Banking Sector”, Empirical Economics Letters, Vol. 12 (3), 303 – 310. EconLit


  1. Huang, Chia-Hui, Tony Chieh-Tse Hou, and Chih-Hai Yang (2013), “FDI Modes and Parent Firms' Productivity in Emerging Economies: Evidence from Taiwan,” The Journal of International Trade & Economic Development, Vol.22 (8), 1240-1268. SSCI, EcoLit, Scopus Impact Factor: 0.341


  1. Yang, Chih-Hai, Chia-Hui Huang, and Tony Chieh-Tse Hou (2012), “Tax Incentives and R&D Activity: Firm-Level Evidence from Taiwan,” Research Policy, Vol. 41 (9), 1578–1588. Scopus, SSCI, Impact Factor: 3.470.


  1. Findley, David F., Brian C. Monsell, and Tony Chieh-Tse Hou (2012), “Stock Series Holiday Regressors Generated From Flow Series Holiday Regressors,” Taiwan Economic Forecast and Policy, Vol. 43 (1), 1-48. EconLit, TSSCI.


  1. Hou, Tony Chieh-Tse (2012), “Return Persistence and Investment Timing Decision in Taiwanese Domestic Equity Mutual Funds,” Managerial Finance, Vol. 38 (9), 873–891. EconLit, ESCI, Scopus.


  1. Hou, Tony Chieh-Tse, Phillip J. McKnight and Torng-Her Lee (2012), “Momentum Strategies, Information Diffusion, and Investor Conservatism in Asian-Pacific Region,” Afro-Asian Journal of Finance and Accounting, Vol. 3 (2), 136-160. Scopus.


  1. Huang, Chia-Hui, and Tony Chieh-Tse Hou* (2011), “Outward FDI and Productivity: Panel Granger-Causality Evidence for Taiwan Manufacturing Firms,” Empirical Economics Letters, Vol. 10 (12), 1259-1264. EconLit


  1. McKnight, Phillip J., and Tony C.T. Hou (2006), “The Determines of Momentum in the United Kingdom,” Quarterly Review of Economics and Finance, Vol. 46, No. 2, May, pp. 227-240. Scopus, EconLit.


  1. Hou, Tony C.T., and Phillip J. McKnight (2004), “An Explanation of Momentum in Canadian Stocks,” Canadian Journal of Administrative Science, 21, 4, December. ISI, SSCI, Impact Factor: 0.405


  1. 侯介澤,我國證券商債券部位透過通路銷 售並支付通路服務費之可行性及適法性研 究,證券公會季刊, 2018.12 [民107.Q4], 頁34-39。


  1. 侯介澤,許我一個資本市場合理的稅費制 度,證券公會季刊, 2017.11 [民106.11], 頁38-39。


  1. 林士傑、張蕙嬿、侯介澤,我國不動產逆 向抵押貸款發展之探討,存款保險資訊 季刊, 27:3, 2014.09 [民103.09], 頁28-55。


  1. 侯介澤、賴威仁、彭俊能、葉俊沂, 臺灣銀行業整體經營風險之探討:羅吉特 迴歸與危險比率迴歸模型之比較,臺灣銀 行季刊, 65:2,2014.06 [民103.06], 頁70-92。


  1. 侯介澤、郝彥瑞,遠期外匯契約避險策略 之探討 ,中華管理評論,17:2,2014.05 [民103.05],頁(3)1-(3)17。



Conference Papers:



  1. Tony Chieh-Tse Hou, Simon Gao, The Effects of Environmental, Social and Governance Investment on Corporate Cash Holdings: Cross-Country Evidence from Asia-Pacific Economies, the 2019 Cross Country Perspectives in Finance (CCPF) Conference,  June 25-27, 2019 (Jinan, China).


  1. Chia Hui Huang and Tony Chieh-Tse Hou, Patent Scope, Invention and Patent Quality in Taiwan's Electronics Industry, the Western Economic Association 15th International Conference, Keio University, 21-24 March 2019 (Tokyo, Japan); 4th International Workshop on “Financial Markets and Nonlinear Dynamics” (FMND), May 31 - June 1, 2019 (Paris, France).


  1. Tony Chieh-Tse Hou and Chia Hui Huang, R&D Investment and Capital Structure Decisions, the Western Economic Association 15th International Conference, Keio University, 21-24 March 2019 (Tokyo, Japan).


  1. Tony Chieh-Tse Hou, Corporate Social Responsibility and Firms’ Innovation: Evidence from Taiwan. Industrial university of Ho Chi Minh city, 30 March 2019 (Ho Chi Minh city, Vietnam).


  1. Tony Chieh-Tse Hou, Simon Gao, Economic Freedom and Financial Analysts' Earnings Forecast: A Cross-country Study, 2018 Cross Country Perspectives in Finance (CCPF) Conference, Guangzhou, China, 21-23 June, 2018; Special Theme of Journal of International Financial Markets, Institutions and Money, the 2018 Cross Country Perspective in Finance Symposium, Dar es Salaam, Tanzani, 12-17 December, 2018.


  1. Tony Chieh-Tse Hou, Simon Gao, Environmental, Social and Governance and Analyst Coverage in Asian-Pacific Regions, 2nd Carbon Accounting and Finance International Conference, Wuhan, China, 30 November - 1 December, 2018.


  1. Tony Chieh-Tse Hou, Chia-Hui Huang, Corporate Social Responsibility and Firm Innovation in Taiwan, the Ethical Finance and Governance in Emerging Markets Conference (featuring Belt and Road Initiative), Edinburgh, UK, 2-3 May, 2018.


  1. Tony Chieh-Tse Hou, Earnings Management and Stock Returns, 2018 Management Theory and Practice Conference, Hualien, Taiwan, 1-2 April, 2018.


  1. Chia-Hui Huang, Tony Chieh-Tse Hou, Patent Quality and Market Value: Firm-Level Evidence from Taiwan, Finance and Economic Growth in the Aftermath of the Crisis, Milan, Italy, 11-13 September, 2017.


  1. Tony Chieh-Tse Hou, Chia-Hui Huang, Innovation, R&D, and Firm Profitability, Finance and Economic Growth in the Aftermath of the Crisis, Milan, 11-13 September, 2017; ICAFEL, Tainan, Taiwan, April 2017.


  1. Chia-Hui Huang, Tony Chieh-Tse Hou, Innovation Quantity and Quality: Firm-Level Evidence in Taiwan, COMSA 2015, The PRESDA Foundation of Japan, April 2015, Hiroshima, Japan.


  1. Tony Chieh-Tse Hou, Revisit Weekly Momentum, Workshop on Credit Risk Modeling and Management, CRMM 2015, March 2015, Hualien, Taiwan.


  1. Tony Chieh-Tse Hou, 宜蘭地區民宿之經營策略,2015 觀光餐旅暨運輸服務學術研討會(萬能科 技大學觀光餐旅學院),2015/5/29


  1. Tony Chieh-Tse Hou, Innovation and Profitability: Firm-Level Evidence from Taiwan, The 20th International Panel Data Conference, July 2014, Hitotsubashi University, Tokyo, Japan.


  1. Tony Chieh-Tse Hou, Risk Measurement and Supervision of Taiwan's Banking Industry, 2014 South Taiwan Statistics Conference (STSC), June 2014, Hualien, Taiwan.


  1. Tony Chieh-Tse Hou, The Study of Default Risk in Equity Return for U.S. Listed Firms, 2014 South Taiwan Statistics Conference (STSC), June 2014, Hualien, Taiwan.



Working Papers:


  1. Firm Innovation Activities, Financial Structure and Corporate Social Responsibility.


  1. Corporate Capital Structure and ESG: International Context.


  1. Corporate Sustainability Actions and Analysts Behaviours.


  1. Factors Affecting Internet Banking Adoption in Vietnam.


  1. ESG and Cash Holdings in Japanese Firms.





2019 Annual International Conference on Critical Issues Facing Emerging Markets

October 18-20, 2019 Hualien, Taiwan

College of Management, Department of Finance, National Dong Hwa University, Taiwan.

Society for the Study of Emerging Markets

Sponsoring Journal: Emerging Markets Finance and Trade (SSCI)

Early bird registration: August 15, 2019

Regular registration: September 15, 2019

Conference dates: October 18-20, 2019



2019 International Conference Accounting Finance Business (2019 ICAFB)

Organiser: IUH - Industrial University of Ho Chi Minh City, Vietnam; National Dong Hwa University Management School.

Conference date: March 30, 2019


New Southbound Workshop

Business Model Workshops for Sustainable Business – Digital Financial Services and Financial Inclusion

Dept. Of Finance, National Dong Hwa University, Hualien, Taiwan

Date: 2019/03/05(Tuesday) – 2019/03/14(Thursday)

Registration: before 2019/02/20 (Wednesday)



Yale's Nordhaus and NYU's Romer win 2018 Nobel Economics Prize for work on climate and tech innovation




中華民國畫廊協會附設台北藝術產經研 究院(2011),《我國藝術品移轉稅制與視 覺藝術產業國際競爭力之關係及比較研 究》,台北:財團法人中華民國畫廊協 會。ISBN 978-986-87792-1-1 (平裝)


餐旅會計,台北:華立圖書 (2019)


金融市場,台北:高立圖書 (2019)


In the News


台灣藝術品交易稅制之檢討, 台北藝術論壇│ART Taipei Forum, March, 2012


強化地方MICE產業,提升城市競爭力: 宜蘭期望成為國際會議及獎勵, 旅遊在臺首選城市, 縣政新聞



勞退基金穩健中求成長,經濟日報, Economic Daily News,30/06/2010





我國國內證券自營商支付佣金予通路之 可行性及適法性研究,2017/18,證券 公會。


建置航運業財務監督及預警,2017/18, 交通部航港局。





金融產業信用違約風險之因子探討,2013 /4,東華大學。


退休(金)政策與銀髮族金融創新之研究, 2013,中華民國銀行公會/






從確定給付制轉換為確定提撥制之退休 金計畫之價值:以台灣勞退基金為例, 科技部。


我國藝術品移轉稅制與視覺藝術產業國 際競爭力之關係及比較研究,2011,



台灣好行-宜蘭觀光景點旅遊接駁服務 問卷調查效益評估分析,2010,














宜蘭溫泉季遊客參與滿意度調查效益評 估分析,2008/09,玉言堂股份有限 公司。


北宜高速公路通車前後對宜蘭縣民宿產 業及其區域經濟效應分析,2008,


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